Bank lending back on growth path last month

Bank lending crept higher last month after a slight decline in July that was the first dip since January, preliminary Monetary Authority of Singapore data showed yesterday.

Loans through the domestic banking unit - which captures lending in all currencies but reflects mainly Singapore-dollar lending - stood at $670 billion last month, up 0.4 per cent from $668 billion in July.

The growth reverses from the 0.9 per cent month-on-month decline in July.

The turnaround stemmed from business lending returning to growth. It increased 0.6 per cent to $405 billion last month. In July, business lending fell 1.4 per cent.

Consumer borrowing was flat at $265 billion last month, after falling 0.1 per cent from June to July.

Bank lending rose 5.6 per cent in August over the same month last year, stronger than July's year-on-year increase of 5.5 per cent.

Loans through the domestic banking unit - which captures lending in all currencies but reflects mainly Singapore-dollar lending - stood at $670 billion last month, up 0.4 per cent from $668 billion in July.

A version of this article appeared in the print edition of The Straits Times on September 29, 2018, with the headline 'Bank lending back on growth path last month'. Print Edition | Subscribe